RentPayment Reviews & Complaints
Overview
In this article, we explore RentPayment, a payment processing platform designed for real estate transactions, now under the umbrella of MRI Software. We'll examine the platform's custom solutions for property managers and residents, focusing on its efficiency and user-friendliness. Key features like the introduction of Revenue Shield by RentPayment, which aims to reduce fees related to non-sufficient funds and fraud, are highlighted.
We'll also weigh the pros and cons of using RentPayment, from its transparent payment structure to potential issues like overcharges and unclear policies. Insights from customer and employee reviews, along with an overview of legal challenges and fines faced by the company, provide a well-rounded perspective.
Finally, we assess RentPayment’s customer support, processing costs, and online ratings, including its Better Business Bureau standing, to offer a comprehensive view of its service quality and reliability in the real estate payment processing sector.
About RentPayment
RentPayment is a payment processing platform designed specifically for collecting rent on properties and housing. Launched in 1999, RentPayment is a subsidiary of YapStone Inc. that enables tenants to pay rent to landlords and property owners via credit card, debit card, e-check, phone, or text message. There is some evidence that YapStone (and, by extension, RentPayment) is an ISO of Chase Merchant Services. YapStone also offers other services that are similar to RentPayment, such as Vacation RentPayment, Storage RentPayment, DuesPayment, and InnPayment. In September of 2020, RentPayment was acquired by MRI Software, a real estate software development company.
RentPayment Payment Processing
RentPayment, operated by MRI Software, offers payment solutions tailored for both property managers and residents. Their services are designed to streamline the process of rent and other property-related payments.
Customized Solutions
The focus of RentPayment is on providing customized solutions that cater to the specific needs of property managers and residents. This approach aims to make the payment process more efficient and user-friendly for all parties involved.
User-Centric Approach
The website emphasizes a user-centric approach, suggesting that RentPayment works closely with clients to identify and implement the most suitable payment solutions. This indicates a commitment to adapting their services to meet the diverse requirements of different properties and residents.
Launch of Revenue Shield by RentPayment
MRI Software introduced Revenue Shield by RentPayment in 2023. This new feature aims to prevent fees related to non-sufficient funds (NSF) and reduce fraud in multifamily properties. By leveraging technology from Plaid, a data network powering the digital financial ecosystem, Revenue Shield by RentPayment reduces NSF and chargeback fees by 95%. This significant reduction in fees saves time for multifamily businesses, which otherwise would have to track down residents who missed payments due to NSF.
Location & Ownership
The company operates at Yapstone's headquarters of 3232 McKinney Ave, Suite 700, Dallas, TX 75204, and is a registered ISO/MSP of Wells Fargo Bank NA in Walnut Creek, California. Matt Golis is listed as the CEO of RentPayment.
| Pros: | Cons: |
|---|---|
| Transparent payment structure. | Potential overcharges and payment scheduling confusion. |
| Convenient online or phone payments. | Transaction fees for credit cards. |
| Autopay feature prevents late payments. | Variable processing rates. |
| No misleading marketing tactics. | Unclear cancellation penalties. |
| Possible customer service issues. |
RentPayment Customer Reviews
Here's What Their Clients Say
| Total Online Complaints | 40+ |
|---|---|
| Live Customer Support | No |
| Most Common Complaint | Excessive Fees |
| Recent Lawsuits | Yes |
Overview of RentPayment Feedback
Current investigations have not identified any negative RentPayment reviews outside of their Better Business Bureau (BBB) profile that label the company as a scam or ripoff. The majority of negative feedback from renters revolves around confusion regarding the company’s policies and frustration over fees incurred for credit card rent payments. Such concerns may lead to tenant dissatisfaction but are unlikely to significantly impact rental industry businesses. Landlords and property managers, however, have reported issues with fund holds, account activation delays, and lackluster customer support, which align with broader complaints against YapStone, RentPayment’s parent company. We invite you to share your experiences with RentPayment in the comments below.
Employee Feedback on YapStone
Numerous complaints from current and former YapStone employees highlight a demanding work schedule and low morale within the workplace. While these issues may indirectly influence client experiences through the quality of service provided, they primarily reflect internal company culture.
Legal Actions Involving RentPayment and YapStone
In April 2019, Todd Feldman initiated a legal battle against YapStone for an alleged breach of contract, which remains unresolved. Additionally, YapStone agreed to a $4.9 million settlement in 2017 for a class-action lawsuit related to a data breach compromising customer personal information.
In 2021, YapStone faced a lawsuit from Priority Technology Holdings Inc., details of which remain unclear. Moreover, a class-action lawsuit was settled in 2022 regarding unpaid wages to former employees. YapStone has also encountered multiple fines for privacy and consumer protection breaches.
Those seeking resolutions without litigation are encouraged to report their concerns to relevant regulatory authorities.
RentPayment’s Approach to Customer Support
Despite a moderate rate of complaints, RentPayment offers standard customer service options, including a dedicated toll-free phone line, live chat, and a ticket submission system. However, feedback suggests email response times may need improvement. This level of service does not yet meet the criteria for top-rated merchant account providers for exceptional customer service.
Contact Information for RentPayment
- (866) 289-5977 – Toll-Free Customer Support
Additional Support Resources
- Customer support form
This revised content aims to offer an accurate and balanced view of RentPayment and YapStone, incorporating SEO strategies with key phrases such as “reviews,” “complaints,” and “customer service” to ensure visibility to individuals researching the company. Original links have been maintained to provide easy access to more information.
RentPayment Online Ratings
Here's How They Rate Online
| BBB Reports | 26 |
|---|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
More than 10 Complaints
RentPayment is not an accredited business with the Better Business Bureau. As of this review, the company holds an “A-” rating with the BBB and has had 17 complaints filed against it in the last 36 months.
What Merchants Say
RentPayment has also received 9 negative informal reviews to its BBB profile. The most recent review describes disagreements poor customer support:
Horrible absolutely horrible. The lies of how long it takes them to process a refund is ridiculously. When you inquire about a refund it seems to take longer … they have no right to hold other peoples money hostage.Customer service is non existing. DO NOT USE , find a different company.
A “C” Performance
Given the company’s decreasing complaint total and resolution ratio, we have adjusted the BBB’s rating to a “C.”
RentPayment Fees, Rates & Costs
A Closer Look at The Contract
| Cancellation Penalties | Unclear |
|---|---|
| Monthly & Annual Fees | Unclear |
| Processing Rates | Variable |
| Equipment Leasing | N/A |
Transaction Fees Paid by Either Tenant or Property Owner
RentPayment’s website previously displayed three different rates, depending on the transaction method. It indicated that credit cards incur a charge of 2.95%, while debit cards have a lower rate of 0.95%, and eChecks/ACH debits are subject to a fee of $4.95. Payments can be made online, over the phone, via text, or through the RentPayment mobile app. No additional rates based on the payment method are evident. The service offers an autopay feature and sends email and text reminders to help avoid late payments. While the payment structure is transparent, it’s unclear whether RentPayment fees are borne by the property owner or the tenant. The signup portal on the company’s website also mentions a setup deposit.
Other expenses such as early termination fees and PCI compliance fees are not detailed on the company’s website.
We always recommend that businesses explore our list of the top providers of merchant accounts.
RentPayment Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Uses Independent Resellers | No |
|---|---|
| Telemarketing | Yes |
| Misleading Marketing | No |
| Discloses All Important Terms | No |
Inside Sales Team
RentPayment appears to be marketed through a combination of telemarketing and inside sales agents. At this time, YapStone does not appear to employ independent sales agents to sell RentPayment. We are also unable to locate any RentPayment reviews about the company’s sales team at this time. This compares favorably to our list of best credit card processors.
No Misleading Quotes
RentPayment’s website does not appear to engage in any deceptive advertising tactics, but we have located some RentPayment complaints from customers expressing confusion about the RentPayment fee structure and how to schedule payments through the service, which occasionally led to overcharges. These customers appear to be renters rather than property managers, so it is unlikely that these difficulties will apply to clients. If you suspect that RentPayment is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.
Our RentPayment Review Summary
Our Final Thoughts
RentPayment rates as an average credit card processing service according to our system. The service and its provider, YapStone, are showing a low-to-moderate amount of merchant complaints online, but renters and employees have expressed a significant number of concerns. There is not a great deal of information available about the company’s sales tactics or its contract terms at this time, so business owners are advised to read all terms carefully and compare the company to top-rated overall options.
It is also worth mentioning that we have located some reports of an email scam in early 2013 that claimed to be affiliated with RentPayment, often going by RentPayment Safe Exchange. This scam does not appear to have been an official initiative of the company, but readers should take care to ensure that they are interacting with the actual RentPayment rather than a scammer.
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Jan
They never sent me an email for need to set up a new expiration date for auto payment. Thus my rent was late to my landlord and I was out of the country and not receiving emails or phone calls. Upon return my property manager was getting ready to start eviction process. I had never been late with any payments. When I called RentPayment to resolve the issue the date was change to 2032 for auto payment to expire. However when I called them back 5 days later it had never been changed by the agent and showed no auto payment set up. I immediately deleted all payments to be taken by RentPayment and will now hand deliver my rent by check to my landlord every month. No more third party. Would rate their company a D.
Brad
RentPayment is a horrible company! In July they double charged my rent (and from my understanding it was thousands of renters for millions of dollars). They ‘hide’ their fees and charge more for using a card. Customer service does nothing but send you back to your property manager for everything.
Amanda
Tired to pay my down payment and it supposedly didn’t go through. Even though my account shows funds pending. They claim I never paid but the bank says it went through. So now I can’t get my house because I supposedly didn’t pay. Such a SCAM!!!
Pam Dixon
Horrible customer service for the merchants out there. My most recent complaint is that they only deposited funds from part of our transactions that ran on 12/31/20 and since then nothing. They have approved over 8K but I have no access to it and can not get any of their reps to speak to me about this issue. When I call my only recourse is to file a ticket via email or the website- to which they do not reply. I have had replies from this company over 6 months later when they just close the ticket without even a follow-up. I have several customer cards that pull back because of “late presentation” and then RentPayment hits me with a chargeback fee. This company is going downhill fast since their website update in 2020.
Melissa
so……My landlord has us using RentPayment to pay our rent payments. I made our October payment on September 9th because I had the money. On September 10th or 11th RentPayment did a payment reversal on my account. So I called to see what had happened. After 1hr & 8 min on hold I was told they did not know what was going on. they assured me they would submit a “ticket” and get back to me. In the meantime, I called my bank who stated they had not initiated the rent payment reversal, in fact they had already released the funds to rentpayment. after 1 week with no communication from them i called again. After 1 hr & 12 min on hold they again had no knowledge of what was going on. told i should give it another week. third week 3rd phone call after 30 min hold wait i decided to take the option of receiving a call back when my position in the queue came up. After roughly 2 hours my phone did a half ring then it stopped. Caller ID showed it was RentPayment. had to call again and wait on hold to be told they were still looking into it. Week 4 call to inquire again (mind you I have NEVER received any call backs or emails from them as to the status of my account) I proceed to stay on hold for well over an hour. this time I’m told that I have not received a refund because they have not received my bank statement showing I never received the money back into my account (they NEVER once requested bank statements). I was assured once they received the bank statements i would receive a refund within 7 days. Well 7 days comes and no refund…. call again….this time i am on hold for 2hrs & 4 min only to have someone pick up the phone and immediately hang it up. I was needlessly fuming at this point. called the next day. after a lengthy hold i was told there was no refund issued on the account. he was going to submit a request to have the refund issued. another week….. no refund. Now I’m pissed. asked to speak to a manager, i could not for no given reason. asked to speak to the person in charge of my ticket….I could not because they do not have phone access. WAIT….WHAT??? you are customer service and you have no Phone.
My landlord was finally able to have them credit my account for the rent payment (something I asked them to do week 2 and they could not for unknown reasons. ABSOLUTELY TERRIBLE CUSTOMER SERVICE
vee
Worst customer service and a complicated portal to use. I will not recommend this company to any Landlord
They have kept my tenant’s rent paid for one month. tossing me back and forth. They have made me changed my bank account several times and they are still giving me stupid excuses just to keep my money.
Shayla
Horrible.
They deposited a rent payment into my account and took it back a week later after my mortgage and HOA has been withdrawn. After speaking with my tenant, he said the payment never even left his account, error on his part. Why would they deposit a payment they never received into my checking account? It should never have been deposited in the first place.
Hard to believe free services such as Venmo and Cash are more reliable then one I am charged for.
Nathaniel Sietz
Rent is $2565 per month. First time using this service and had no idea they charged me a $75 service fee. That is INSANE! What a scam!
Jenee Collins
Pay rent on time for almost 2 years by this service. I’m a homebound disable vet..payments were showing up until this month. The removed my account causing my credit score to go down by 50 pts. And now I can’t even log on
Denisha Vail
I have used our online rent payment system for two years and I guess we switched to this company and now instead of a $4.95 fee I was charged before or free if you use your checking account, this company charges $20 for a Visa (which is all I have) and doesn’t have the option for charging your checking account. I am livid, this is the worst and they are basically extorting money from renter’s because of this. I am going to complain to the manager and the state housing authority.
Jessica
I won’t recommend to use this payment service website due to the expensive fee they charge for every transaction. They have a service fee of $23.30 for every transaction and also if you pay by phone $9.93. It is unbelievably how this company is able to charge double fee for using their service. The only reason for using they service is because it is a requirement from our apt complex where we live. Please, be aware of this and call them before you decide to use them Their number is 8662895977.
Steve A
While most companies process payment transactions twice in case of a problem, Rentpayment does not. Instead if the payment is not honored the first time, they charge a $45 fee even if the institution charges no fees.
Their explanation statements make little sense, such as “funds on hold”.
Emails to customer service takes 1-2 business days, the phone agents know basically nothing and someone removes transaction history from their website when apparently things don’t go their way. They never admit fault and are unwilling to resolve disputes.
They are rated BBB by the Better Business Bureau and “B” (4.3 out of 5.0)
They are private company and thus no financial information is available.
Lynne Miller
Scam – received an email from them in an email account i haven’t used in over three years. The email asked me to update my credit card info for a beach house rental. I called the rental company because my credit card wouldn’t be expiring for several years and funny, the rental company never heard of them! so, obviously these folks hacked my rental company’s third-party credit card provider.
kiran
I make my payments on 2nd of the month as my rental agreement due date is 5th of every month. But as per rental payment history website they consider mine as late payments and it have negative effect on my history. Finally when I called trans union they took out the account from my reports. The only reason for my payments through here is to make my score better. Now this have left negative mark. When I call rentpayment care they differ me to transunion again; where they say the account is already closed.
Rene Ramos
I made a rent payment via telephone for a friend. I used my credit card to pay off a balance owed, It was less than $50. The operator said there was an additional charge of $11 for paying with a credit card. That is a substantial charge for the service. If people pay their rent via this method, I can imagine the revenue stream associated with this predatory practice. My friend is a low income worker and the impact on him would be great if he paid with a credit card. It would seem that the outfit is predatory in this regard and that a review of their business practices by the State is in order.
Charlotte Skinner
worst customer service. we almost got evicted because they failed to make the payment in time. we paid our rent on the 26th of the month and it was still in “processing” on the 1st. when i called in on the 1st they said it was something with their system and that they would cancel that original payment and reprocess a new one. they assured me they would call my property and sort it all out. on the 6th we received a final warning on paying rent or the property would take further action. when i called rent payment again the guy on the phone had no idea what was going on and put us on hold. i had already spent an hour and a half on the phone when i called in on the 1st. i hope you do not have the same experience we had we will not use them ever again. this is a horrible company with a horrible business model and ever more horrible people representing the company.
Radu Seserman
Extremely poor. Website lacks basic functionality as setting a date for payment or changing information on your financial. There is no phone # or online chat option to contact them for emergencies. I found their phone# from my landlord and their customer service is the lowest I encountered in many years.
I consider changing my residence just not to deal with them.
Mark
Their auto pay system doesn’t adjust for varying amounts on a per month basis making their auto pay system next to worthless if you need/want to pay the correct required amount.
Also, I’m pretty sure their $42 card transaction fee (debit and credit) is against California law.